State of Michigan Retirement System Sells 9,300 Shares of Nucor Co. (NYSE:NUE)

State of Michigan Retirement System trimmed its stake in Nucor Co. (NYSE:NUEFree Report) by 11.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,810 shares of the basic materials company’s stock after selling 9,300 shares during the quarter. State of Michigan Retirement System’s holdings in Nucor were worth $12,846,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its holdings in shares of Nucor by 127,059.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock valued at $20,461,138,000 after buying an additional 155,109,984 shares during the last quarter. Morgan Stanley boosted its holdings in Nucor by 30.0% during the fourth quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock worth $559,880,000 after purchasing an additional 979,824 shares during the last quarter. Norges Bank purchased a new position in Nucor during the fourth quarter worth about $111,725,000. Imprint Wealth LLC raised its position in Nucor by 21,987.3% in the second quarter. Imprint Wealth LLC now owns 528,992 shares of the basic materials company’s stock worth $52,899,000 after acquiring an additional 526,597 shares during the period. Finally, First Trust Advisors LP raised its position in Nucor by 97.8% in the first quarter. First Trust Advisors LP now owns 820,706 shares of the basic materials company’s stock worth $121,998,000 after acquiring an additional 405,815 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Down 0.8 %

NYSE NUE opened at $198.37 on Wednesday. Nucor Co. has a 1 year low of $129.79 and a 1 year high of $201.52. The stock has a market capitalization of $47.60 billion, a PE ratio of 11.03 and a beta of 1.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.57 and a quick ratio of 2.35. The business’s 50-day moving average is $187.48 and its 200 day moving average is $170.05.

Nucor (NYSE:NUEGet Free Report) last announced its quarterly earnings results on Monday, January 29th. The basic materials company reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.33. Nucor had a return on equity of 21.42% and a net margin of 13.03%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the previous year, the business earned $4.89 EPS. Nucor’s revenue was down 11.7% compared to the same quarter last year. Sell-side analysts forecast that Nucor Co. will post 14.03 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.09%. Nucor’s dividend payout ratio is presently 12.01%.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 5,500 shares of Nucor stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the sale, the executive vice president now directly owns 85,326 shares of the company’s stock, valued at approximately $15,902,206.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Kenneth Rex Query sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $186.37, for a total value of $1,025,035.00. Following the sale, the executive vice president now directly owns 85,326 shares of the company’s stock, valued at approximately $15,902,206.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total value of $3,772,655.46. Following the completion of the sale, the executive vice president now directly owns 120,738 shares in the company, valued at $23,351,936.58. The disclosure for this sale can be found here. Insiders have sold a total of 38,151 shares of company stock worth $7,308,683 in the last 90 days. Company insiders own 0.64% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a research report on Wednesday, March 13th. UBS Group assumed coverage on shares of Nucor in a research report on Tuesday, January 16th. They issued a “buy” rating and a $210.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Nucor from $151.00 to $158.00 and gave the company a “neutral” rating in a research report on Tuesday, December 12th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $186.67.

Read Our Latest Analysis on NUE

About Nucor

(Free Report)

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.

See Also

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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